Canton Hathaway LLC Buys New Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Canton Hathaway LLC purchased a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 490 shares of the company’s stock, valued at approximately $28,000.

Several other large investors also recently modified their holdings of KNTK. Fifth Third Bancorp acquired a new stake in shares of Kinetik during the 4th quarter worth approximately $26,000. GAMMA Investing LLC grew its position in shares of Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after buying an additional 213 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of Kinetik during the 3rd quarter worth approximately $46,000. Blue Trust Inc. grew its position in shares of Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after buying an additional 2,699 shares during the period. Finally, Covestor Ltd grew its position in shares of Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock worth $189,000 after buying an additional 4,137 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on KNTK shares. Wells Fargo & Company raised their price objective on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Scotiabank cut their target price on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. The Goldman Sachs Group increased their target price on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Barclays increased their target price on Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Finally, Citigroup increased their target price on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.25.

Kinetik Trading Down 1.3 %

Shares of NASDAQ:KNTK opened at $58.23 on Tuesday. The stock’s fifty day simple moving average is $60.94 and its two-hundred day simple moving average is $53.74. Kinetik Holdings Inc. has a 1-year low of $33.10 and a 1-year high of $67.60. The stock has a market cap of $9.17 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 1.52 and a beta of 2.89.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 5.36%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio (DPR) is currently 115.13%.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.